Bank of India Home Loan Interest Rate

In our previous post, we discussed the SBI Home loan interest rates, PNB home loan interest rates, Bank of Baroda home loan interest rates, etc. Not only SBI but also Bank of India and many other banks provide Home loans to fulfill your dream of making your own home. Basically, the Bank of India offers attractive home loan interest rates, starting from 8.30% p.a. with a maximum loan tenure of 30 years. The Bank of India provides a home loan for renovation, repair of an existing house, purchase of a plot, etc.

Bank of India Home Loan Interest Rate 2023

BOI Home Loan Scheme	Interest Rate
Star Home Loan	8.30% p.a. onwards
Star Diamond Home Loan	8.30% p.a. to 9.65% p.a.
Star Smart Home Loan	8.30% p.a. to 9.65% p.a.
Star Pravasi Home Loan	8.30% p.a. to 9.65% p.a.
Star Top-Up Loan	8.30% p.a. to 10.65% p.a.

Bank of India Home Loan Scheme

Star Home Loan

Benefits:-

• Low Interest Rates
• No Hidden Charges
• Minimum Documentation
• No prepayment penalty

Features:-

• Maximum repayment tenure up to 360 months.
• EMI starts at Rs.776/-per Lakh
• Income of co-applicant (close relative) considered for eligibility.
• For purchase of plot (house to be constructed within 5 years).
• Top Up Loan facility is also available.
• A loan facility for addition, extension, and renovation of existing property is also available.
• The rate of Interest is linked with the CIBIL Personal Score (in the case of individuals).
• Rate of Interest Ranging from 8.30%.

Eligibility:-

• Resident Indian/NRI/PIO are eligible.
• Individuals: Salaried/Self-employed/Professionals.
• Non-individuals: Group/Association of Individuals, HUF, Corporates.
• Age: Minimum 18 years, Maximum 70 years.

Star Diamond Home Loan

Benefits:-

• Low-interest rate
• Minimal documentation
• No hidden charges
• No prepayment penalty

Features:-

• Rate of Interest Ranging from 8.30% to 9.65%.
• Quantum of Loan – Above 7.5 Cr
• Step up/Step Down EMI facility is also available.
• Maximum repayment tenure up to 360 months.
• Top Up Loan facility is also Available.
• A loan facility for addition, extension, and renovation of existing property is also available.

Eligibility:-

• Resident Indian/NRI/PIO are eligible
• HNI Individuals: Salaried/Self-employed/Professionals
• Non-individuals: Group/Association of Individuals, HUF, Corporates
• Minimum average gross income of Rs. 1 Cr & Above during last 3 Years.
• Age: Minimum 18 years, Maximum 70 years.

Star Smart Home Loan

Benefits:-

• No Maximum Limit
• An overdraft facility is also available.
• Operation of account through checkbook, Debit card, net banking, and Mobile banking facility is also available.
• No hidden charges
• No prepayment penalty.

Features:-

• Rate of Interest ranges from 8.30% to 9.65%.
• Minimum Loan amount:- For Salaried: Rs. 5.00 Lacs, For self-employed: Rs. 10.00 Lacs.
• Top Up Loan facility is also Available.
• Maximum repayment tenure up to 360 months.
• For purchase of plot (house to be constructed within 5 years).
• A loan facility for the addition, extension, and renovation of existing property is available.

Eligibility:-

• Existing SB/CD customers with an average balance above Rs. 5000 since the last 1 year
• New SB/CD Customers with an opening balance above Rs. 5000
• Individuals with Salary account with BOI.

Star Pravasi Home Loan

Benefits:-

• Low-interest rate
• No Maximum Limit
• No hidden charges
• No prepayment penalty.

Features:-

• Rate of Interest ranges from 8.30% to 9.65%.
• Maximum repayment tenure up to 360 months
• For purchase of plot (house to be constructed within 5 years)
• An Instant Top Up Loan facility is also Available.
• Loan facility for addition, extension, and renovation of existing property.
• Step up and step down EMI Facility is also available.

Eligibility:-

• NRI/PIO are eligible
• Indian Citizen working in merchant navy having NRI status.
• Indian citizens working abroad on assignment with National/International government agencies.
• Age: Minimum 18 years to maximum age 70 years at the time of final repayment.

Star Top-Up Loan

Benefits:-

• Low-interest rate
• Minimal documentation
• No Maximum Limit
• No hidden charges
• No prepayment penalty.

Features:-

• Rate of Interest ranges from 8.30% to 10.65%.
• EMI starts @ Rs.907/- per Lakh
• For purchase of plot (house to be constructed within 5 years).
• Top Up Loan facility is also Available.
• Loan facility for addition, extension, and renovation of existing property.
• Step up/Step Down EMI facility is also available.

Eligibility:-

• Resident Indian/NRI/PIO are eligible.
• Individuals: Salaried/Self-employed/Professionals.
• Non-individuals: Group/Association of Individuals, HUF, Corporates
• Age: Minimum 18 years to maximum age 70 years at the time of final repayment.

Documents Required for Bank of India Home Loan

• Proof of identity:- PAN card, Passport, Driver’s Licence, Voter ID, etc.
• Proof of Address:- Passport, Driver’s Licence, Aadhar Card, Latest Electricity Bills, Latest Telephone Bills, etc.
• Proof of Income:- For salaried employed:- Latest 6 Month Salary, Pay Slip, and One-year ITR/ Form 16.
• For Self-employed:- Last 3 years ITR with Computation of Income, Profit & Loss Account, Balance,  Sheet, Capital Account Statement.

For more information visit the Official site of the Bank of India Click Here.